Asset allocation

Risk management Regulatory Asset allocation FRM Program Insurance Insurance Quick Takes Private credit Multi-Asset solutions Multi-asset Balance sheet Americas Multi-Asset qualifier Video

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Insurance Quick Takes: Positioning portfolios for what’s next in private credit

In our latest Insurance Quick Takes video, Tim Antonelli, head of Insurance Multi-Asset Strategy and portfolio manager, discusses the 2025 outlook for private credit and its implications for insurers.

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By

Tim Antonelli, CAIA, CFA, FRM, SCR

event March 2025

8 min

Video

2026-03-31

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Chart in Focus Equity Asset allocation Content CoE Program Global Program iStrat Europe Wellington on Washington and the World Tactical allocation Infographic

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Chart in Focus: how sustainable is Europe’s rally?

Is the recent rally in European equities sustainable? In this edition of our Chart in Focus series, we explore the potential path ahead.

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Multiple authors

event March 2025

4 min

Infographic

2026-03-31

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Fixed income LDI Alert Liability-driven investing DB Private Program iStrat Strategic allocation Article

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The high cost of unfunded duration — and some hope on the horizon

With many corporate DB plans thinking about managing their hedge ratios, members of our LDI Team explain the high cost of synthetic duration, how plans might want to think about this issue when targeting a specific duration profile, and why costs could improve over time.

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Multiple authors

event March 2025

6 min

Article

2026-03-31

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Macro and market Multi-asset Asset allocation Wealth Program iStrat Multi-Asset solutions Tactical allocation Monthly Asset Allocation Outlook Article

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Monthly Asset Allocation Outlook

How to reposition portfolios for an era of uncertainty? Explore the latest monthly snapshot of our Multi-Asset Team’s asset class views.

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Multiple authors

event March 2025

4 min

Article

2026-03-31

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Macro and market Geopolitics Tactical allocation Content CoE Program Global Program iStrat Multi-asset Wellington on Washington and the World Article

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The US equity rotation: Where have all the good vibes gone?

After riding into 2025 on a wave of post-election euphoria, the US stock market has struggled to find its footing so far this year. Global Investment and Multi-Asset Strategist Nanette Abuhoff Jacobson looks at what’s changed in the markets and what it might mean for investors.

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Nanette Abuhoff Jacobson

event March 2025

4 min

Article

2026-03-31

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Portfolio strategy Strategic allocation Private investing Private Investing Program iStrat Venture capital Private equity Manager selection Article

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Sizing private-market allocations: part one

Our multi-asset experts explore three key components of sizing private market allocations, offering a framework to evaluate the capacity to take on illiquidity, the need for excess return, and the ability to consistently source 'good' investments.

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Multiple authors

event February 2025

8 min

Article

2026-02-28

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Fixed income Macro and market Asset allocation Content CoE Program Global Program Article

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Convertible bonds: Attractive total return potential in a compressed fixed income landscape

Fixed Income Portfolio Manager Michael Barry details his optimism for convertible bonds in 2025, focusing on their attractive yields, equity upside potential, and exposure to growth-oriented sectors like technology and healthcare.

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By

Michael Barry

event February 2025

5 min

Article

2026-02-28

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Mid-cap Small-cap Asset allocation Institutional Program Equity Americas Article

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Setting the stage for small caps in 2025

Our small-cap equity experts discuss valuation, market cycles, economic conditions, and sector diversification, profiling the potential of small-cap equities in 2025.

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Multiple authors

event February 2025

4 min

Article

2026-02-28

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LDI Alert Macro and market Asset allocation DB Private Program Private pension (DB) iStrat Multi-asset Strategic allocation Liability-driven investing Article

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Flipping the script: Our updated market outlook and the derisking/rerisking decision

Members of our LDI Team share an unusual outlook for equities and bonds and explain what it could mean for US corporate pension plans contemplating either derisking or rerisking moves from here.

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By

Amy Trainor, FSA

Ian Spencer

event February 2025

6 min

Article

2026-02-28

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Fixed income Insurance Regulatory FRM Program Balance sheet Multi-Asset solutions Americas Insurance Quick Takes Asset allocation Video

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Insurance Quick Takes: The latest from the NAIC on CLO and bond fund capital charges

In our latest Insurance Quick Takes video, Tim Antonelli, Head of Insurance Multi-Asset Strategy and Portfolio Manager, offers a timely update on two important investment-related projects discussed in a special NAIC meeting.

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By

Tim Antonelli, CAIA, CFA, FRM, SCR

event February 2025

6 min

Video

2026-02-27

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What's current in credit Government bonds Asset allocation Content CoE Program Global Program Total return Fixed income Article

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Turning tides for US Treasuries

Uncover the case for US Treasuries in fixed income portfolios against the current market backdrop.

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By

Connor Fitzgerald, CFA

Schuyler Reece, CFA

event February 2025

3 min

Article

2026-02-28

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Chart in Focus Fixed income Asset allocation Content CoE Program Global Program Article

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Charts in Focus: Growth of capital securities markets

Fixed Income Portfolio Manager Noah Atlas makes the case for capital securities and details the advantages they could potentially provide for investors.

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By

Noah Atlas, CFA

event January 2025

2 min

Article

2026-02-28

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Active management Multi-asset Tactical allocation Wealth Program iStrat Wealth Article

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Four achievable New Year’s resolutions for investors

Are New Year’s Resolutions for investors purely aspirational or a helpful tool? Investment Strategy Analyst Alex King believes the latter and proposes four achievable resolutions.

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By

Alex King, CFA

event January 2025

5 min

Article

2026-02-28

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Income Inflation Thematic exposure Content CoE Program Global Program iStrat Multi-asset Tactical allocation Outlook Article

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Balancing bumps in the road and big-picture thinking in 2025

How can investors position portfolios for bumps in the road without losing sight of longer-term opportunities?

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By

Natasha Brook-Walters

event January 2025

8 min

Article

2025-12-31

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Liquid alternatives & hedge funds Macro and market Multi-asset DB Public Program iStrat Strategic allocation Risk management Top of Mind Article

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The allocator’s checklist for 2025 and beyond

Head of Multi-Asset Strategy Adam Berger offers near- and longer-term ideas for allocators, including thoughts on alternatives, potential market surprises, and risk management.

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By

Adam Berger, CFA

event January 2025

15 min

Article

2026-01-30

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Liability-driven investing Multi-asset Strategic allocation DB Private Program iStrat Private pension (DB) Article

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LDI in 2025: Ten questions corporate plan sponsors are asking

Members of our LDI Team address a range of topics that US corporate plans will be thinking about this year, from pension funding and accounting issues to portfolio diversification opportunities.

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By

Amy Trainor, FSA

Ryan Randolph

event January 2025

12 min

Article

2026-01-31

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Hedge funds Macro and market Strategic allocation Content CoE Program Global Program iStrat Long-short Macro hedge funds Liquid alternatives & hedge funds Manager selection Outlook Article

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Three performance drivers could help hedge funds rev up returns

Alex King and Adam Berger, members of our Investment Strategy & Solutions Group, explain why we're at a turning point for economic and market conditions that could benefit hedge funds and make them a potentially valuable addition to a multi-asset portfolio.

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By

Alex King, CFA

Adam Berger, CFA

event January 2025

6 min

Article

2025-12-31

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Growth Small-cap Economic cycle Content CoE Program Global Program Thematic solutions Equity Active management Asset allocation Article

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Time to get active? 5 equity investment ideas for 2025

As we head into 2025, growth seems poised to accelerate, especially in the US. Equity Strategist Andrew Heiskell and Macro Strategist Nicolas Wylenzek see five themes that may create opportunity across global equity markets.

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By

Andrew Heiskell

Nicolas Wylenzek

event December 2024

10 min

Article

2025-12-31

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Fiscal policy Interest rates Tactical allocation Content CoE Program Global Program iStrat Multi-asset Outlook Article

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Trump 2.0: Time to curb your enthusiasm? 

How does an allocator navigate markets when so much about the policy landscape is unknown? Our Investment Strategy & Solutions Group offers their views on the new political realities in the US and their global implications, including for equities, bonds, and commodities.

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Multiple authors

event December 2024

12 min

Article

2025-12-31

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Geopolitics Volatility Multi-asset Macro and market Top of Mind Article iStrat Tactical allocation DB Public Program

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A guide to investing in the age of anxiety

There's a long list of issues worrying asset owners, from geopolitical risk to high valuations. To help, Head of Multi-Asset Strategy Adam Berger offers coping tips for an uncomfortable investment backdrop and a world where investing rules of thumb may be broken.

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By

Adam Berger, CFA

event December 2024

15 min

Article

2025-12-01

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Income Equity Fixed income Content CoE Program Global Program iStrat Economic cycle Portfolio strategy Outlook Article Tactical allocation

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Is your portfolio keeping pace with the changed outlook?

It's been an uncertain few years for investors, but looking ahead, we believe investors can expect a resilient economy, a solid outlook for growth and a positive environment for risk assets. What does a changed outlook mean for investors?

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By

Nick Samouilhan, PhD, CFA, FRM

Jeremy Butterworth

event December 2024

8 min

Article

2025-12-31

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Macro and market Multi-asset Tactical allocation FRM Program iStrat Article Balance sheet

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Don’t let recency bias get in the way of good investment ideas

Tim Antonelli, Head of Multi-Asset Strategy – Insurance, offers ideas to help insurers avoid being anchored to recent events and build portfolio resilience, from locking in higher yields to taking a more dynamic approach with surplus assets.

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By

Tim Antonelli, CAIA, CFA, FRM, SCR

event November 2024

14 min

Article

2025-11-30

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Chart in Focus Elections Asset allocation Advised Retail Program Diversification Article iStrat Tactical allocation

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Chart in Focus: Is the “Trump trade” real?

Is this "Trump trade" real？In this latest edition of Chart in Focus, we compare market's reactions to Trump's re-election and his 2016 election, and share our observations.

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Multiple authors

event November 2024

3 min

Article

2025-11-29

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Hedge funds Macro and market Strategic allocation Alternatives Hedge Funds Program Manager selection Whitepaper iStrat

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“Goldilocks” and the three drivers of hedge fund outperformance

Members of our Investment Strategy & Solutions Group explain why shifting economic conditions may bode well for hedge funds broadly but also see reasons that manager selection may be more important than ever.

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By

Alex King, CFA

Adam Berger, CFA

event November 2024

15 min

Whitepaper

2026-11-30

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Liability-driven investing Strategic allocation Regulatory DB Private Program Multi-asset Whitepaper iStrat

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Setting ROAs for 2025: A guide for US corporate and public plans

How are pension plans adjusting their ROA assumptions? And how do those assumptions line up with our long-term capital market assumptions? Find out in this annual update.

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Multiple authors

event November 2024

16 min

Whitepaper

2025-11-30

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Chart in Focus Growth Equity Advised Retail Program Market commentary Article iStrat Tactical allocation

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Chart in Focus: Can this equity bull market last?

Can this current equity bull market last? In this latest edition of Chart in Focus, we focus on the indicators of whether it may come to an end or keep running.

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Multiple authors

event November 2024

3 min

Article

2025-11-30

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USA Elections Tactical allocation Content CoE Program Global Program Wellington on Washington and the World Multi-asset iStrat iStrat Video

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What do the US election results mean for investors?

The US election results could have significant implications for the global economy and capital markets. Our panel of experts provides a thorough analysis of what happened and explores potential market impacts.

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Multiple authors

event November 2024

Video

2025-11-30

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Insurance Multi-asset Regulatory FRM Program Insurance Quick Takes Asset allocation Americas Multi-Asset solutions Multi-Asset qualifier Balance sheet Video

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Insurance Quick Takes: Navigating the Principles-Based Bond Definition Project

In our latest Insurance Quick Takes video, Tim Antonelli breaks down the NAIC’s Principles-Based Bond Definition (PBBD) project and implications for US insurers.

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By

Tim Antonelli, CAIA, CFA, FRM, SCR

event October 2024

6 min

Video

2025-10-31

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Liability-driven investing Risk management Tactical allocation iStrat Private pension (DB) Multi-asset Article

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Why more corporate plans should pass on pension risk transfers

LDI Team Chair Amy Trainor explains why she believes a pension risk transfer may, in many cases, not be the best choice for fully funded plans from a cost/benefit standpoint.

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By

Amy Trainor, FSA

event October 2024

5 min

Article

2025-11-30

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Insurance Multi-asset Tactical allocation FRM Program iStrat Monetary policy Article

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Take it “ease”-y

Tim Antonelli, Head of Multi-Asset Strategy – Insurance and Portfolio Manager, explains why he thinks insurers should consider locking in current yields and sticking with global equity exposure.

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By

Tim Antonelli, CAIA, CFA, FRM, SCR

event October 2024

18 min

Article

2025-10-31

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Monetary policy Multi-asset Tactical allocation Content CoE Program Global Program Elections Quarterly Asset Allocation Outlook Article iStrat

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Sahm rules are meant to be broken

Fed easing is finally here and fundamentals remain favorable. But what about that election? Members of our Investment Strategy & Solutions Group offer their outlook, including their latest views on equities, bonds, and commodities.

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Multiple authors

event October 2024

12 min

Article

2025-10-31

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Economic cycle Interest rates Portfolio strategy Advised Retail Program iStrat Active management Article Chart in Focus Tactical allocation

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Chart in Focus: What does the rate cut mean for equities and bonds?

Are rate cuts positive? On the heels of the much-anticipated initial Fed cut, in this article we look to historic precedent for where the markets could go in the coming months.

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Multiple authors

event September 2024

3 min

Article

2025-09-30

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Active management Equity Macro and market Wealth Program USA Emerging markets Growth Wealth Article Chart in Focus iStrat Tactical allocation

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Chart in Focus: The need to differentiate market growth from macro growth

Macro growth and earnings growth have been misaligned for the last 15 years, particularly in the US and China, but in opposite directions. For equity investors, what would be the key to identify real growth?

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By

Nick Samouilhan, PhD, CFA, FRM

Alex King, CFA

event September 2024

3 min

Article

2025-09-30

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USA Elections Tactical allocation Wealth Program Wellington on Washington and the World Article iStrat

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The US elections through the eyes of a European investor

Supriya Menon, Head of Multi-Asset Strategy – EMEA, explores what potentially material implications upcoming US elections could have for European investors and identifies key areas to monitor closely.

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By

Supriya Menon

event September 2024

7 min

Article

2025-09-30

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Liability-driven investing Portfolio construction DB Private Program iStrat Equity Fixed income Whitepaper Tactical allocation

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Extra credit for corporate plans: Advanced topics in LDI implementation

To help corporate DB plans refine their liability-hedging strategies, members of our LDI Team take a deep dive on 3 key liability risks and offer ideas to help improve the design of hedging portfolios.

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By

Amy Trainor, FSA

Jacqueline Yang, CFA

event September 2024

25 min

Whitepaper

2026-08-31

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Macro and market Outlook Asset allocation Content CoE Program Global Program Liquid alternatives & hedge funds Fixed income Multi-asset Private investing Client objective Infographic

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Picture this: Our forecast in 7 charts

What should investors expect for the remainder of 2024? View a visual summary of our Investment Outlook in seven compelling charts.

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event September 2024

10 min

Infographic

2025-09-30

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USA Elections Tactical allocation Wealth Program iStrat Geopolitics Wellington on Washington and the World Multi-asset Article

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Four investment perspectives amid a pivotal US election

How can investors reposition portfolios for a pivotal but highly unpredictable US elections? Nick Samouilhan explores potential avenues in conversation with three leading portfolio managers.

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Multiple authors

event September 2024

6 min

Article

2025-09-30

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Active management Fixed income Macro and market Wealth Program Americas Brazil Canada Mexico USA APAC Asia Australia China India Japan EMEA Africa Europe France Germany Italy Russia United Kingdom Emerging markets Inflation Interest rates Macro Monetary policy Asset allocation Article

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Time to capitalise on the evolving role of bonds?

We outline why we think the new economic era is elevating the role of bonds as a source of attractive and stable income, downside protection and portfolio diversification.

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By

Marco Giordano

event September 2024

2 min

Article

2025-09-30

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Active management Fixed income Asset allocation Content CoE Program Global Program Article

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Capital securities: Why these hybrid investments may offer a compelling risk/reward profile

Members of our Fixed Income team explain why capital securities, a hybrid asset class that shares characteristics of bonds and stocks, may offer attractive diversification, income, and return potential.

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By

Noah Atlas, CFA

Brian Garvey

event September 2024

6 min

Article

2025-08-31

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Private investing iStrat Strategic allocation Private pension (DB) Article Private credit Americas Liability-driven investing DB Private Program

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Private placements: A primer for corporate DB plans preparing to derisk

With many corporate DB plans exploring derisking opportunities, Portfolio Manager Elisabeth Perenick and Multi-Asset Strategist Amy Trainor discuss the potential role that private investment-grade credit, or private placements, could play and consider common questions about liquidity and allocation sizing.

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By

Elisabeth Perenick, FSA, CFA

Amy Trainor, FSA

event August 2024

9 min

Article

2025-08-31

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Insurance Multi-asset Regulatory FRM Program iStrat Credit Macro and market Video Tactical allocation

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Insurance Quick Takes: US life insurers’ utilization of private placements

In our latest Insurance Quick Takes video, Tim Antonelli discusses research on US life insurers’ use of private placement investments, and shares observations for insurers globally.

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By

Tim Antonelli, CAIA, CFA, FRM, SCR

event August 2024

3 min

Video

2025-08-08

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Market disruptions Volatility Tactical allocation Institutional Program Content CoE Program Global Program Interest rates Multi-asset iStrat Article

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Massive market sell-off: Justified or an overreaction?

What's behind the global market meltdown, and what should investors consider doing?  Global Investment and Multi-Asset Strategist Nanette Abuhoff Jacobson shares her views.

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By

Nanette Abuhoff Jacobson

event August 2024

3 min

Article

2025-08-31

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Liquid alternatives & hedge funds Macro and market Asset allocation Alternatives Hedge Funds Program Article Hedge funds

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Global macro strategies: Multi-dimensional tools for an era of economic change

With the global economic environment creating potential opportunities for macro investors, we consider the heterogeneity of the global macro strategy universe, the case for combining different styles, and the choice between a single- and a multi-portfolio manager approach.

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By

Mark Sullivan, CFA, CMT

Vivian Bi, CFA

event July 2024

10 min

Article

2026-07-31

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Elections Interest rates DB Public Program Content CoE Program Global Program Top of Mind USA Fixed income iStrat Article Tactical allocation

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Does the US election even matter? Thoughts on politics, Fed policy, and portfolios

What's next for interest rates and what impact will the US election have? Head of Multi-Asset Strategy Adam Berger and Macro Strategist Mike Medeiros share their outlook and discuss the asset allocation implications.

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By

Adam Berger, CFA

Michael Medeiros, CFA

event July 2024

9 min

Article

2025-06-30

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Equity Innovation DB Public Program Tactical allocation iStrat Macro and market Top of Mind Artificial intelligence (AI) Information technology Public pension (DB) Article Global Innovation

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The AI effect: Time to rethink your technology exposure?

Will AI fulfill the market's high expectations? Will it continue to drive market concentration? Head of Multi-Asset Strategy Adam Berger and Global Industry Analyst Brian Barbetta, co-head of our Technology team, discuss the outlook and the asset allocation implications.

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By

Adam Berger, CFA

Brian Barbetta

event July 2024

7 min

Article

2025-07-31

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Insurance Macro and market Tactical allocation FRM Program iStrat Quarterly Asset Allocation Outlook Article

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Come on in, the water’s fine! Ready for a surplus summer

Tim Antonelli, Head of Multi-Asset Strategy – Insurance and Portfolio Manager, explains why he continues to see reserve fixed income as the sweet spot for insurers and why there may be upside for equities.

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By

Tim Antonelli, CAIA, CFA, FRM, SCR

event July 2024

17 min

Article

2025-07-31

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Fixed income Liability-driven investing Asset allocation DB Private Program Private pension (DB) Strategic allocation Whitepaper iStrat

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The evolution of derisking: Assessing new and time-tested liability-hedging ideas

As defined benefit plans contemplate the best path to their eventual “end state,” members of our LDI team update their liability-hedging research with a blend of traditional benchmark ideas and new opportunities to capitalize on changing market conditions and a broader investment universe.

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By

Amy Trainor, FSA

Jacqueline Yang, CFA

event July 2024

22 min

Whitepaper

2026-06-30

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Active management Growth Equity Macro and market Advised Retail Program Asia advised retail USA Wealth Article Chart in Focus iStrat Tactical allocation

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Chart in Focus: Broadening earnings growth signals healthy US equity market

Over the past year, the markets have seen the companies best poised to harness and benefit from new innovations within artificial intelligence rewarded accordingly.  Can this signal more upside for the entire US equity market?

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Nick Samouilhan, PhD, CFA, FRM

Alex King, CFA

event July 2024

3 min

Article

2025-07-31

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Small-cap Diversification Multi-asset Tactical allocation Wealth Program Inflation Article iStrat

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Breaking concentration: big picture thinking with small-cap equities

How to overcome the risks associated with today's concentrated market? Investment Director John Mullins explores why small-cap equities could be part of the answer.

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John Mullins

event July 2024

6 min

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2025-07-31

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All-time highs and CPIs: What comes next?

Global fundamentals have kept markets content so far this year, but will politics sour the mood? Members of our Investment Strategy & Solutions Group offer their views on the second half of 2024, including on equities, bonds, and commodities.

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event July 2024

14 min

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2025-01-08

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Active management Macro and market Macro Thematic solutions Equity Multi-asset Article iStrat Tactical allocation

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Divergence isn’t just about central bank policy

Divergence has implications for investors —and central bank divergence is only one of five ways to think about it.

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Natasha Brook-Walters

event June 2024

8 min

Article

2025-06-30

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Insurance Regulatory Multi-asset USA Insurance Quick Takes iStrat program Video Tactical allocation iStrat

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Insurance Quick Takes: One regulator's view of geopolitics’ impact on the industry

In our latest Insurance Quick Takes video, Tim Antonelli, Head of Insurance Multi-Asset Strategy and Portfolio Manager, discusses why a recent stress test from a regulator could have implications for insurers across the globe.

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Tim Antonelli, CAIA, CFA, FRM, SCR

event June 2024

5 min

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2025-06-30

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Hedge funds Outlook Market disruptions Tactical allocation Multi-asset Long-short Macro hedge funds Multi-strat hedge funds Article iStrat

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Investing in “3D”: Forces shaping alternatives opportunities in 2024

Multi-Asset Strategists Adam Berger and Nick Samouilhan offer six ideas from the hedge fund and liquid alternatives investment space, from global macro to multi-strategy approaches.

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Adam Berger, CFA

Nick Samouilhan, PhD, CFA, FRM

event June 2024

4 min

Article

2025-06-30

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When the Fed sneezes, the ECB… cuts rates regardless?

Since the late 1990s, when the US cycle turned, the rest of the world generally followed, with a lag. However, the new economic era is likely to result in greater cyclical divergence between countries and the need for different central bank responses. How should investors think about the age of economic divergence?

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Supriya Menon

Alex King, CFA

event June 2024

7 min

Article

2025-03-21

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Elections Asset allocation Growth India Equity EM equity Wellington on Washington and the World Article

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As India goes to the polls, is the case for Indian equities still compelling?

While current Prime Minister Narendra Modi is expected to secure a third term, a full-scale win is not a foregone conclusion. Against this backdrop and continued investor enthusiasm for Indian equities, Equity Portfolio Manager Niraj Bhagwat and Investment Director Philip Brooks assess the macro case for India. Are higher valuations justified?

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Niraj Bhagwat

Philip Brooks, CFA

event May 2024

6 min

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2025-06-30

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Asset allocation Economic cycle Value vs growth iStrat program Equity Fundamental equity Article Tactical allocation iStrat

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Value stocks: Rules of thumb are meant to be broken

What will it take for value stocks to bounce back from a long period of underperformance? Members of our iStrat Team say that, conventional wisdom aside, it's not all about the economic cycle and offer their outlook for the next three to five years.

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Nanette Abuhoff Jacobson

Karoline Klimova

event May 2024

9 min

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2026-05-31

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Credit Interest rates Asset allocation Fixed income Top of Mind Article Tactical allocation iStrat

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Structuring core fixed income: A constructive view on market and macro conditions

Head of Multi-Asset Strategy Adam Berger and Fixed Income Portfolio Manager Connor Fitzgerald discuss the interest-rate environment and the fundamental picture in investment-grade credit and high yield.

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Adam Berger, CFA

Connor Fitzgerald, CFA

event May 2024

7 min

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2025-05-30

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New era demands a nimble approach to credit

Our expert explains why deep research and an active approach are effective ways for fixed income investors to uncover credit opportunities in today's market.

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Campe Goodman, CFA

event May 2024

5 min

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2025-05-31

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With the Fed on hold, is the case for bonds kaput?

Amid worries about sticky inflation, the market has scaled back its expectations for interest rate cuts this year. But even if rate cuts are on hold a while longer, members of our Multi-Asset Team still think investors should consider a move from cash to bonds.

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Nanette Abuhoff Jacobson

Alex King, CFA

event May 2024

5 min

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2025-05-30

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Value vs growth Macro and market iStrat Small-cap Equity Top of Mind iStrat program Article Tactical allocation

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What could change the trajectory of value stocks?

Head of Multi-Asset Strategy Adam Berger and Equity Portfolio Manager Nataliya Kofman discuss “resilient” value stocks, disruptive themes, and attractive sector- and country-level opportunities.

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Adam Berger, CFA

Nataliya Kofman

event May 2024

7 min

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2025-05-31

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Asset allocation Macro and market Small-cap iStrat program Top of Mind Equity iStrat Article Tactical allocation

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Small-cap stocks: Watching for mean reversion, technology diffusion, and the next inflection point

Our experts discuss factors that could help small-cap stocks rebound and the search for winners in this inefficient segment of the market.

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Adam Berger, CFA

Peter Carpi

event May 2024

8 min

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2024-12-31

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Time to derisk? Funded status up, but potential volatility ahead

LDI Team Chair Amy Trainor explains why US corporate DB plans may have a rare and limited opportunity to derisk and offers suggested action steps.

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Amy Trainor, FSA

event May 2024

3 min

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2025-05-06

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Exploring active opportunities amid continued regime change

Head of Multi-Asset Strategy, APAC, Nick Samouilhan outlines why today's environment of dispersion, divergence and disruption offers potentially compelling opportunities for active investors.

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Nick Samouilhan, PhD, CFA, FRM

event May 2024

2 min

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2025-04-30

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Liquid alternatives & hedge funds Alternatives investing iStrat program Strategic allocation Multi-strat hedge funds iStrat Article

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Can hedge funds play the role?

How should investors select the most suitable types of hedge funds for specific roles? Members of our Investment Strategy & Solutions Group offer a simple and intuitive framework that can help.

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event April 2024

11 min

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2025-03-31

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4 equity themes: Budding opportunities in small caps and more

Our expert highlights 4 areas where he sees opportunity in global equity markets.

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Andrew Heiskell

event April 2024

3 min

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2025-04-30

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Manager selection Climate Sustainable investing iStrat program Strategic allocation Active management Equity Fixed income Multi-asset Liquid alternatives & hedge funds Article iStrat Tactical allocation

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Picking the right building blocks for a climate-aware portfolio

For asset owners integrating climate change into their multi-asset portfolios, members of our Investment Strategy & Solutions Group offer five important insights.

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event April 2024

3 min

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2025-04-30

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Japan equity: Reason to believe

Our expert argues that corporate governance reform and the Japanese economy's escape from persistent deflation have laid the groundwork for a sustainable equity rally.

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Toshiki Izumi, CFA, CMA

event April 2024

4 min

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2025-04-30

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Insurance Asset allocation Macro and market Balance sheet iStrat Multi-asset Tactical allocation Quarterly Asset Allocation Outlook iStrat program Article

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Risky business: Is now the time for surplus action?

Tim Antonelli, Head of Multi-Asset Strategy – Insurance and Portfolio Manager, considers insurers' renewed interest in risk assets and offers his views on areas that may be worth a closer look.

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Tim Antonelli, CAIA, CFA, FRM, SCR

event April 2024

17 min

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2025-04-30

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Do fundamentals support a risk-on tilt?

Surprisingly strong economic growth, declining inflation, easy financial conditions — can it get any better for markets? Members of our Investment Strategy & Solutions Group offer their outlook, including their latest views on equities, bonds, and commodities. 

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event April 2024

Article

2025-03-31

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Manager selection Climate iStrat program Strategic allocation Multi-asset iStrat Whitepaper

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A blueprint for building climate-aware multi-asset portfolios

Members of our Investment Strategy & Solutions Group take a deep dive on the issues asset owners should consider when choosing climate-aware portfolio building blocks, from the evolving opportunity set to the active/passive decision.

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event March 2024

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2026-03-31

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Insurance Regulatory Multi-asset USA Insurance Quick Takes iStrat program Video Tactical allocation iStrat

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Insurance Quick Takes: What's next for CLO risk charges?

Tim Antonelli, Head of Insurance Multi-Asset Strategy and Portfolio Manager, breaks down the impact of recent US insurance regulatory developments on the CLO universe, and why this matters for U.S. insurers. 

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Tim Antonelli, CAIA, CFA, FRM, SCR

event March 2024

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2025-03-31

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Liability-driven investing Equity Private pension (DB) iStrat Factor solutions Multi-asset Strategic allocation Factors iStrat program Article

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Using defensive equities in a return-seeking portfolio: A factor framework for corporate plans

Members of our LDI and Fundamental Factor teams share their views on defensive equity investments, including their role in a plan's portfolio and the current environment for defensive factors.

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Tom Simon, CFA, FRM

Amy Trainor, FSA

event March 2024

Article

2025-03-31

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China Macro and market Equity iStrat EM equity Tactical allocation iStrat program Article

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No bulls in the China shop?

John Mullins, Irmak Surenkok and Steven Ye assess the investment debate surrounding China's prolonged underperformance and outline three investment ideas for active investors to consider.

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event March 2024

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2025-03-31

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Income Fixed income Asset allocation iStrat program Inflation Value vs growth Economic cycle Monetary policy Tactical allocation Equity Multi-asset Article iStrat

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Income: the hard worker in your portfolio deserves more credit

Income from cash is good but income from bonds is better. In a less certain macro environment, Alex King, Supriya Menon and John Mullins think the case for income only gets stronger. How can investors make the most of opportunities? 

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event March 2024

5 min

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2025-03-31

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Diversification Fixed income Inflation Tactical allocation iStrat program Article iStrat

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Adopt a new vantage point for diversifying your portfolio

Supriya Menon, Alex King and John Mullins explore why a diversified mixed of fixed income exposure is a key component of a nuanced approach to diversification in today's cyclical macro regime.

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event March 2024

7 min

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2025-01-31

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How to nurture a growth mindset in a higher-yielding landscape

In a higher-yield world, can fixed income deliver meaningful growth? John Mullins, Supriya Menon and Alex King explore how high-yield bonds may offer a powerful opportunity for growth - as well as a cushion against uncertainty.

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event March 2024

12 min

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2025-03-31

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Why high-yield investors should keep a close eye on the default cycle

A peak in defaults may not be far off. What does this mean for investors considering a move to high yield? 

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Alex King, CFA

event March 2024

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2025-03-31

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Facing the inflation dilemma head on

Inflation has already fallen much quicker than most expected. However, there are convincing reasons why inflation might be higher and more volatile going forward. What are the implications for asset allocation?

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John Mullins

event March 2024

Article

2025-02-23

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Managing currency exposure in multi-asset portfolios: how to weigh the trade-offs and impact

Nick Samouilhan, Head of Multi-Asset Strategy – APAC, evaluates the trade-offs of different currency hedging approaches and offers a novel framework for gauging their potential portfolio impact. 

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event February 2024

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2026-02-28

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Macro and market Multi-asset iStrat Top of Mind iStrat program Article Public pension (DB) Tactical allocation

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Top of Mind: The allocator’s checklist for 2024 and beyond

Head of Multi-Asset Strategy Adam Berger offers near- and longer-term ideas for allocators, including thoughts on areas where capital is scarce, alternatives may be attractive, and risks may bear watching.

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Adam Berger, CFA

event January 2024

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2025-01-31

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Multi-Asset Market Outlook

To help think through the asset allocation outlook and implications for 2023, we offer views from iStrat, our investment strategy and solutions group

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event January 2024

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2024-12-31

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Navigating a volatile reality: three ideas for 2024 and beyond

2023 saw investors grapple with a new, more volatile reality. How should portfolios be positioned for opportunities and challenges in 2024? 

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Natasha Brook-Walters

event January 2024

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2025-01-31

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Fork in the road: Slowdown or reacceleration ahead?

Markets seem to expect a much smoother ride in 2024, but are they too optimistic? Members of our Investment Strategy & Solutions Group offer their macro and market outlook, including their latest views on equities, bonds, and commodities. 

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event January 2024

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2026-01-31

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Outlook Fundamental equity EM equity Large-cap Small-cap Equity USA APAC China United Kingdom Emerging markets Growth Asset allocation Volatility Interest rates Economic cycle Article

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Will a “Goldilocks” economy be just right for equity markets?

We provide an outlook on the ongoing shift to new investment regime, and the market segments that we expect will most heavily influence global equity performance in the coming year. 

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Andrew Heiskell

event December 2023

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2024-12-31

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Learning to love (or live with) a late-cycle environment

Are we actually in a late-cycle environment and, if so, how should allocators respond? Head of Multi-Asset Strategy Adam Berger offers guidance, including on portfolio positioning, big cycle bets, and security selection.

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Adam Berger, CFA

event December 2023

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2024-12-31

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Rebalancing a multi-asset portfolio: A guide to the choices and trade-offs

Many investors wrestle with portfolio rebalancing decisions, particularly in volatile environments. In this paper, members of our Investment Strategy Team argue for a well-structured rebalancing policy and share research on different approaches and common implementation considerations.

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Jacqueline Yang, CFA

Nick Samouilhan, PhD, CFA, FRM

event December 2023

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2025-12-31

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Asset allocation Emerging markets Equity iStrat EM equity China Strategic allocation Article

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Beyond China: what does the rest of the EM equity world have to offer?

For investors contemplating a separate allocation to EM ex-China equities, members of our iStrat Team share their research on the composition of the opportunity set, the growing divergence in the behavior of EM ex-China equities and Chinese equities, and the long-term market outlook.

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By

Alex King, CFA

Supriya Menon

event November 2023

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2025-11-30

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Interest rates Asset allocation Monetary policy Fixed income program iStrat program Income Tactical allocation Fixed income iStrat Quick Take

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You snooze, you may lose: The case for bonds

There are signs the Federal Reserve's rate-hiking cycle may be nearing an end, but some uncertainty remains. With that in mind, Multi-Asset Strategist Nanette Abuhoff Jacobson considers the timing of a move from cash to bonds.

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Nanette Abuhoff Jacobson

event November 2023

Quick Take

2024-11-14

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Volatility Asset allocation Liability-driven investing Private pension (DB) Credit Fixed income Tactical allocation LDI Alert Article

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Bank downgrades: Should LDI investors be worried?

Members of our LDI team discuss the implications of recent US bank credit-rating downgrades and offer potential next steps for corporate plan sponsors. 

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event October 2023

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2024-10-27

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The “cleanest dirty shirt” now has too many stains

Fixed Income Portfolio Manager posits that US fiscal profligacy will change the game for asset allocators. 

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By

Brij Khurana

event September 2023

Quick Take

2024-09-28

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Income Asset allocation Multi-asset iStrat Whitepaper Strategic allocation

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Income investing in multi-asset portfolios: Tipping the balance in your favour

Income can play a crucial role in the pursuit of investment objectives over time, but research from our iStrat Team argues for a balanced approach to asset allocation decisions given the potential trade-offs between income and capital return, risk, and portfolio diversification.

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event September 2023

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2024-09-30

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Insurance Multi-asset Regulatory Balance sheet Video iStrat Multi-Asset solutions Tactical allocation Insurance Quick Takes

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Insurance Quick Takes: Understanding the latest shifts in mortality and longevity

Tim Antonelli, Head of Multi-Asset Strategy – Insurance, discusses recent trends and patterns on mortality and longevity, why this topic is important for global insurers of all types and sizes today, and potential opportunities.

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Tim Antonelli, CAIA, CFA, FRM, SCR

event August 2023

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2025-08-31

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Multi-asset Volatility iStrat Risk management Tactical allocation Asset allocation Article Economic cycle Insurance Asset Allocation Outlook Balance sheet Insurance

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Core fixed income: Stop me if you’ve heard this one before

Head of Multi-Asset Strategy – Insurance and Portfolio Manager Tim Antonelli updates insurers on the status of the market today, shares what he believes they can expect for the rest of the year, and identifies areas that may be worth a closer look.

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Tim Antonelli, CAIA, CFA, FRM, SCR

event July 2023

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2024-07-31

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Multi-asset iStrat Tactical allocation Asset allocation Article Macro and market Outlook Quarterly Asset Allocation Outlook

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Multi-Asset Outlook: A recession is looming…or is it?

The economy has largely shrugged off the banking crisis and other concerns this year, while riding positive sentiment driven by AI enthusiasm and a possible soft landing. Members of our Investment Strategy team offer their macro and market outlook for the second half of the year, including their latest views on equities, bonds, and commodities.

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event July 2023

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2024-07-31

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Outlook Portfolio strategy Equity iStrat Emerging Market Development Multi-asset Macro and market Article Thematic exposure Tactical allocation

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How a thematic approach can help harness change within portfolios

Multi-Asset Strategist Supriya Menon and Investment Director Andrew Sharp-Paul discuss why a thematic approach can help harness change within portfolios against a structurally different macroeconomic backdrop.

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Supriya Menon

Andrew Sharp-Paul

event July 2023

Article

2024-07-31

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Outlook Portfolio construction iStrat Multi-asset Portfolio strategy Article Tactical allocation

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How to weather the storm: A roadmap for more resilient portfolios

As we face a new era of elevated market and cycle volatility, Co-Head of Investment Strategy Natasha Brook-Walters assesses how asset owners can ensure that their portfolios are up for the challenge.

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Natasha Brook-Walters

event July 2023

Article

2024-07-31

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Liability-driven investing Credit Macro and market Private pension (DB) Fixed income LDI Alert Article Tactical allocation Multi-Asset solutions iStrat

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Keep your spread and earn on it too? The case for intermediate credit

Amid heightened volatility and an uncertain macro environment, members of our LDI Team see opportunity for corporate plans in the intermediate credit market.

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event June 2023

Article

2024-06-27

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Liability-driven investing Portfolio construction Multi-asset iStrat Private pension (DB) Article Strategic allocation Liquid alternatives & hedge funds

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Mind the liquidity (and cost) gap: Revisiting a plan’s hedge-ratio approach

Members of our LDI Team take a fresh look at the process of setting and managing liability hedge ratio targets, including liquidity considerations that are top of mind today and the implementation toolkit.

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By

Amy Trainor, FSA

Jeremy Forster

event June 2023

Article

2025-06-30

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Climate Macro and market iStrat Multi-asset Strategic allocation Liquid alternatives & hedge funds Tactical allocation Article

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Is your asset allocation ready for the realities of climate change?

Our Investment Strategy Team shares key findings from the research behind their climate-aware strategic asset allocation (SAA) approach, including challenges and trade-offs that asset owners should understand.

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event June 2023

Article

2025-06-30

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Outlook Liquid alternatives & hedge funds Hedge funds Private credit Alternatives investing Article Tactical allocation Multi-Asset solutions iStrat

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Focus on what you can control: Five alternative investment ideas for an uncertain world

Multi-Asset Strategists Nick Samouilhan and Adam Berger explain how a variety of alternative investments, including select hedge funds and private credit, could help allocators reduce the importance of the economic cycle to their portfolio results.

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By

Adam Berger, CFA

Nick Samouilhan, PhD, CFA, FRM

event June 2023

Article

2024-06-30

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Inflation Portfolio construction Multi-asset iStrat Quick Take Strategic allocation Multi-Asset solutions Liquid alternatives & hedge funds

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Is the structural case for inflation still intact?

Even if inflation cools in the coming months, members of our Investment Strategy team expect it to be "stickier" over the long term. Find out how that might impact asset allocation decisions.

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By

Alex King, CFA

Nick Samouilhan, PhD, CFA, FRM

event May 2023

Quick Take

2024-05-29

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EM equity Brazil Inflation Equity Economic cycle Interest rates Monetary policy Asset allocation Quick Take

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Have you looked at Brazilian equities lately?

Equity Research Analyst David Reid believes now is an opportune time for EM equity investors to consider implementing or augmenting portfolio allocations to Brazilian stocks. 

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By

David Reid, CFA

event May 2023

Quick Take

2024-05-22

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Multi-asset Liquid alternatives & hedge funds iStrat Strategic allocation Public pension (DB) Equity Fixed income Whitepaper Private equity

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Closing the return gap: A new set of “stepping stone” ideas

Multi-Asset Strategist Adam Berger offers incremental, flexible investment ideas that can be combined to help asset owners pursue their goals amid declining capital market return expectations.

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Adam Berger, CFA

event May 2023

Whitepaper

2024-08-02

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Portfolio construction Risk management Multi-asset iStrat Whitepaper Strategic allocation Multi-Asset solutions Liquid alternatives & hedge funds

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The alpha equation: Balancing active risk sources in multi-asset portfolios

Members of our iStrat Team share their research on the process of deciding how much active risk to take at the asset class and security levels in pursuit of alpha objectives. They also offer a step-by-step framework for implementing the research findings.

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By

Alex King, CFA

Nick Samouilhan, PhD, CFA, FRM

event May 2023

Whitepaper

2024-05-04

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Insurance Asset Allocation Outlook Insurance Balance sheet iStrat Multi-asset Equity Fixed income Commodities Liquid alternatives & hedge funds Whitepaper Tactical allocation Multi-Asset solutions

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Today’s sweet spot for yield, the growing role of alts

Insurance Multi-Asset Strategist Tim Antonelli provides his latest multi-asset views for insurers, with an emphasis on the value of core fixed income in today's environment.

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Tim Antonelli, CAIA, CFA, FRM, SCR

event May 2023

Whitepaper

2024-05-02

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Active management Manager selection Equity Volatility iStrat Quick Take Tactical allocation Multi-Asset solutions

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Win by losing? The surprising truth about long-term active management

Research shows that even the best managers have had to bounce back from periods of underperformance. For asset owners who've invested time and effort to find these managers, the data argues for cultivating a long-term mindset.

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event April 2023

Quick Take

2024-04-20

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Climate Multi-asset iStrat Sustainable investing Whitepaper Strategic allocation Liquid alternatives & hedge funds Tactical allocation

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Designing a climate-aware strategic asset allocation

Members of our Investment Strategy Team explain how they incorporate climate metrics into their asset allocation optimization process. They also discuss implementation — the choice of specific climate-aware building blocks and strategies to express the desired asset allocation.

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event April 2023

Whitepaper

2024-04-13

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Climate Liquid alternatives & hedge funds iStrat Strategic allocation Quick Take Equity Portfolio construction Sustainable investing

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Adapting our capital market assumptions to the realities of climate risk

How will asset prices be affected by climate risk? Members of our Investment Strategy team explain how they're seeking to answer that question with their new climate-aware capital market assumptions.

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By

Ben Cooper, CFA

Patrick Wattiau

event April 2023

Quick Take

2024-04-30

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Multi-asset Climate Inflation Liquid alternatives & hedge funds iStrat Strategic allocation Article Sustainable investing

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Integrating climate change into capital market assumptions: our approach and findings

Members of our Investment Strategy team explain how they are incorporating climate-related inputs, including physical and transition risks, into their capital market assumptions and outline the impact of these changes at the asset-class level.

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event April 2023

Article

2024-04-03

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Credit Volatility Asset allocation Fixed income Economic cycle Interest rates Quick Take

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Sector rotation opportunities for nimble credit investors

Following a credit market rally, Fixed Income Portfolio Manager Rob Burn still sees value in higher-yielding sectors but believes investors should stay nimble.

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Rob Burn, CFA

event February 2023

Quick Take

2024-02-29

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Credit Interest rates Asset allocation Fixed income Economic cycle Quick Take

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What’s driving convertibles in 2023?

Following a challenging 2022, Fixed Income Portfolio Manager Mike Barry and Investment Director Raina Dunkelberger highlight three tailwinds that may help turn the tide for convertibles.

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Raina Dunkelberger, CFA, CAIA

Michael Barry

event February 2023

Quick Take

2024-01-31

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Credit Interest rates Asset allocation Fixed income Economic cycle Monetary policy Quick Take

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CLOs: Poised to outperform in 2023?

Collateralized loan obligations (CLOs) have been sparking investor interest lately — and with good reason, say Investment Director Andrew Bayerl and Investment Specialist Celene Klimas.

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Andrew Bayerl, CFA

Celene Klimas, CFA

event January 2023

Quick Take

2024-01-31

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Small-cap Value vs growth Asset allocation Public pension (DB) Private pension (DB) Defined contribution (DC) Equity Article Endowments & foundations

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Small-cap value: Strong past, bright future?

While equity markets have had a challenging recent past, history teaches us that there may be several reasons to be optimistic about small-cap value. 

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event January 2023

Article

2024-01-31

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Credit Investment grade Economic cycle Fixed income Interest rates Monetary policy Asset allocation Quick Take Liquid alternatives & hedge funds Long-short

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Take credit: Our five best credit market ideas for 2023

Fixed Income Strategist Amar Reganti highlights credit market opportunities that he expects to arise over the course of 2023, against a backdrop of slowing growth.

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By

Amar Reganti

Adam Norman

event January 2023

Quick Take

2024-01-31

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High yield Credit Economic cycle Fixed income Interest rates Monetary policy Asset allocation Quick Take

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High yield: Opportunity to pivot in 2023?

Our high-yield bond portfolio managers have a guardedly optimistic outlook on the market and believe security selection will be key to benchmark-relative outperformance in 2023. 

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event January 2023

Quick Take

2024-01-31

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EM equity Outlook China Geopolitics Asset allocation Equity Article

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China equity in 2023: Year of the stock picker

Despite the potential risks of investing in China equity, Equity Portfolio Manager Bo Meunier believes there are attractive opportunities for patient, discerning stock pickers.

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By

Bo Meunier, CFA

event December 2022

Article

2023-12-31

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Currency Macro and market Fixed income Monetary policy Asset allocation USA Quick Take

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Currency outlook: Nearing the end of USD exceptionalism?

Fixed Income Portfolio Manager Martin Harvey and Investment Communications Manager Jitu Naidu consider the present state of and outlook for the US dollar.

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Jitu Naidu

Martin Harvey, CFA

event December 2022

Quick Take

2023-12-31

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Investment grade Fixed income Portfolio strategy Inflation Interest rates Asset allocation Monetary policy Total return Credit Quick Take

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Hidden in plain sight: Overlooked opportunities in investment-grade credit 

Fixed Income Strategist Amar Reganti and Investment Specialist Geoff Austein-Miller highlight some relatively simple, straightforward ways to implement a positive view on high-quality corporate credit. 

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Amar Reganti

Geoff Austein-Miller

event December 2022

Quick Take

2023-12-31

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Credit Inflation Interest rates Volatility Asset allocation Fixed income Quick Take

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Three tailwinds that could power CLO equity in 2023 and beyond

Three members of our fixed income team argue that the headwinds currently facing CLO equity should give way to improved returns in 2023 and beyond.

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event November 2022

Quick Take

2023-11-30

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India EM equity Macro and market Asset allocation Equity Quick Take

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India equity: An unsung long-term performance story

Despite strong long-term performance, Indian equities are often overlooked. That may be a mistake, say Equity Portfolio Manager Niraj Bhagwat and Investment Director Philip Brooks.

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Niraj Bhagwat

Philip Brooks, CFA

event October 2022

Quick Take

2023-10-31

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Equity China Macro and market Asset allocation Quick Take

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China equity: Is today's investor pessimism overdone?

The short answer is yes, say Equity Portfolio Manager Niraj Bhagwat and Investment Director Philip Brooks, who believe China may offer a short-term buying opportunity.

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Niraj Bhagwat

Philip Brooks, CFA

event October 2022

Quick Take

2023-10-31

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Interest rates Inflation Credit Asset allocation Fixed income USA Quick Take

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Bank loans: Can issuers overcome higher interest expenses?

The short answer, according to Fixed Income Portfolio Managers Jeff Heuer and David Marshak, is that many can. And, they believe bank loans can outperform many other fixed-income sectors over the next 12 months.

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event October 2022

Quick Take

2023-01-31

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Asset allocation ESG Fixed income Sustainable investing Impact Quick Take

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Sustainable fixed income: Key terms allocators should know

ESG integration versus sustainable investing: What’s the difference? We explain a few key distinctions that are important for allocators to understand.

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By

Anand Dharan, CFA

event September 2022

Quick Take

2023-06-30

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Inflation Monetary policy Commodities Asset allocation Multi-asset USA Quick Take

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Investment takeaways from the latest inflation data

With 2022's structural inflation story still very much intact, now may be a particularly opportune time for investors to add real-asset and inflation-sensitive exposures to their portfolios.

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By

Jake Coyne, CFA, CAIA

Willa Sun

event August 2022

Quick Take

2022-11-30

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Outlook Liquid alternatives & hedge funds Hedge funds Alternatives investing Asset allocation Manager selection Portfolio construction Volatility Fixed income Private equity Article

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Mid-2022 Alternative Investments Outlook

As allocators cope with economic uncertainty and market volatility, Multi-Asset Strategist Cara Lafond explains how alternative investments could potentially play a role in improving portfolio resilience and returns.

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Multiple authors

event July 2022

Article

2023-08-31

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Multi-asset Liquid alternatives & hedge funds iStrat Strategic allocation Retirement Article Defined contribution (DC) Income

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Demystifying decumulation: A practical guide

Investors seeking a sound decumulation strategy must consider a host of variables, including risks that weren't on the radar when they were accumulating assets.

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event May 2022

Article

2023-04-30

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USA Asset allocation Quick Take Equity Value vs growth

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Regime change likely to challenge modern market structures

Recently, I wrote about the rotation from growth to value and why some of my colleagues and I expect volatility, more than a smooth transition of leadership, to define markets. The thesis is rooted in the fact that seismic macro questions loom over markets and are likely to trigger violent fluctuations in investor conviction. Earlier this month, Macro Strategist John Butler dissected one of these questions: Will the negative correlation between stocks and bonds turn positive?

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By

Trevor Noren

event February 2022

Quick Take

2022-05-31

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